The National Bank of Abu Dhabi (NBAD) reported a 23 percent increase in net profits for 2003, with earnings reaching 151 million Emirati dirhams ($41 million).

The return on equity in 2003 was 21.1 percent, surpassing the bank's 20 percent return on equity target and making NBAD one of the most profitable banks in the UAE, according to a press release.

The bank has proposed to distribute a cash dividend of 35 percent to shareholders, equivalent to Dh 3.5 per share which compares with the three dirham per share distributed for financial year 2002. This dividend will be covered 2.4 times by earnings.

Total assets of the bank increased by 11.7 percent during the year to Dh 43.6 billion. Fees and commissions grew by 25.3 percent during 2003 and costs increased by 9.6 percent. — (menareport.com)